17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 37

Registration

of mortgages and charges in Colony.

8 Edw. 7 c.

69 s. 93.

486

Information as to Mortgages, Charges, &c.

94.-(1) Every mortgage or charge created after the 19 by a company registered

day of

in the Colony and being either—-

(a) a mortgage or charge for the purpose of securing

any issue of debentures; or

(b) a mortgage or charge on uncalled share capital

of the company; or

(c) a inorigage or charge created or evidenced by an instrument which, if executed by an indivi- dual, would require registration as a bill of

sale; or

(d) a mortgage or charge on any land, wherever

situate, or any interest therein; or

(e) a mortgage or charge on any book debts of the

company; or

(f) a floating charge on the undertaking or property

of the company,

shall, so far as any security on the company's property or undertaking is thereby conferred, bo void against the liquidator and any creditor of the company, unless the prescribed particulars of the mortgags or charge, together with the instrument (if any) by which the mortgage or charge is created or evidenced, are delivered to or received by the registrar of companies for registration in manner required by this Ordinaned within five weeks after the date of its creation but without prejudice to any contract er obligation for repayment of the money thereby secured, and when a mortgage or charge becomes void under this section the money secured thereby shall im- mediately become payable :

Provided that-

() In the case of a mortgage or charge created out of the Colony comprising solely property situate outside the Colony, the delivery to and the receipt by the registrar of a copy of the in- strument by which the mortgage or charge i created or evidenced, verified in the prescribod Banner, shall have the same effect for the purposes of this scetion as the delivery and receipt of the instrument itself, ani twenty-one days after the date on which the instrument or copy could, in due course of post, and if despatched with due diligence, have been received in the Colony, shall be substituted for twenty-one days after the date of the crea- tion of the mortgage or charge, as the time within which the particulars and instrument or copy are to be delivered to the registrar; and (7) where the mortgage or charge is created in the Colony but comprises property outside the Colony, the instrument creating or purport- ing to create the mortgage or charge may be sent for registration, notwithstanding that further proceedings may be necessary to make the mortgage or charge valid or effectual according to the law of the country in which the property is situate; and

(i) where a negotiable instrument has been given to secure the payment of any book debts of a company, the deposit of the instrument for the purpose of securing an advance to the company shall not for the purposes of this section be treated as a mortgage or charge on those book debts; and

(a) the holding of debentures entitling the holder to a charge on land shall not be deemed to be an interest in laud.

(2) The registrar shall keep, with respect to each coul- pany, a register in the prescribed form of all the mortgages and charges created by the company after the date of the coming into operation of this Ordinance, and requiring registration under this section, and shall, on payment of the prescribed fee, enter in the register, with respect to